Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a 10-unit multifamily property located at 18-10 Astoria Boulevard in Queens, New York.
“We extend our congratulations to both the buyer and seller on completing a successful transaction,” said Sean Fopeano. “The property sold at negative leverage, underscoring both the strong demand within the Astoria market and the exceptional quality of the asset.”
Fopeano, Shaun Riney, Louis Zarif and David Cornejo, investment specialists in Marcus & Millichap’s Manhattan office, exclusively marketed the property on behalf of the seller and procured the buyer, a local private investor. The deal featured a DHCR Order & Determination Letter Proving Free Market Status.
Built in 1910, the four-story, 7,806-square-foot Astoria Boulevard property is located just a short distance from the N and W subway lines. The property includes a mix of studio and one-bedroom apartments, as well a 3-bedroom and 2-bathroom penthouse. The building also features an elevator, on-site laundry facilities, and a 600 square foot landscaped rooftop terrace.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
